Buy: In-line results; credit costs beat offsets NIM miss H: Buy/ A: Upgrade to Buy: Results in line, strategy turns defensive Buy:Western China is still performing better Buy: Faster PPOP growth comes with higher risk 1H15 results below, but cheap valuation offers favourable risk-reward 1H15 breakeven on non-recurring gain; UG to Hold on shares correction Equity Capital Markets Weekly Newsletter China International Travel Service：H115 net profit attributable to shareholders up 19.5% YoY; focus on SOE reform Buy: Aggressively leveraging on loose interbank liquidity Conference call takeaways - slight earnings cut on JVs' profitability